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Thermochromic Materials Market

Thermochromic Materials Market

Thermochromic Materials Market Analysis, By Type (Irreversible, Reversible), By End Use (Printing & Coatings, Packaging, Medical, Textiles, Other End Uses) - Global Forecast 2022-2032

Thermochromic Materials Market
FACT7351MR

Thermochromic Materials Market Outlook (2022-2032)

The worldwide consumption of thermochromic materials is currently valued at US$ 1.73 billion, and the market is forecast to climb to a valuation of US$ 4.57 billion by 2032, expanding a high CAGR of 10.2%.

The global thermochromic materials market is poised to generate an absolute dollar opportunity worth US$ 2.84 billion from 2022 to 2032.

Report Attributes

Details

Thermochromic Materials Market Size (2021A)

US$ 1.6 Billion

Estimated Market Value (2022E)

US$ 1.73 Billion

Forecasted Market Value (2032F)

US$ 4.57 Billion

Global Market Growth Rate (2022-2032)

10.2% CAGR

North America Market Share (2021)

~26.7%

North America Growth Rate (2022-2032)

~9.6% CAGR

U.S. Growth Rate (2022-2032)

~9.6% CAGR

Market Share of Top 5 Companies

~18%

Key Companies Profiled

  • OliKrom
  • LCR Hallcrest, LLC
  • Chromatic Technologies Inc.
  • Matsui International, LLC
  • New Prisematic Enterprise Co. Ltd.
  • Smarol Industries Co. Ltd.
  • Gem’Innov
  • Hali Pigment Co. Ltd.
  • Kolorject Chemicals Pvt. Ltd
  • Kolortek Co. Ltd.

The market is poised to grow on the back of increased application in several end-use industries, along with these thermochromic materials replacing thermos-sensors and thermometers.

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Consumption Analysis of Thermochromic Materials (2017-2021) Vs. Market Outlook (2022-2032)

Thermochromic materials are majorly used as temperature indicators in several industrial sectors, which helps in determining temperature variation and reaction heat in chemical reactions, and also to measure the distribution of temperature of chemical heating apparatus such as heat exchangers, reactors, etc., coupled with indicating temperature variation in containers for chemicals, storage vaults, and dangerous goods.

For instance, in the feeding process, adding plastic extruders and thermochromic materials can be of some help in judging the feeding temperature and fulfilling processing requirements.

Also, a wide range of temperature-sensitive paints can easily be applied for indication, monitoring, and warning of temperature for industrial production.

Thermochromic materials are also being used in food packaging products, boding well for on-the-go food packaging manufacturers.

  • Short Term (2022 Q2 to 2025): Thermochromic materials replacing thermometers and thermos-sensors are likely to support demand growth in the short term in the market
  • Medium Term (2025-2028): In the medium term, sales are anticipated to grow in South Asia & Oceania on the back of rising demand for packaged products along with increasing infrastructural activities
  • Long Term (2028-2032): In the long term, the market is set to experience moderate-to-high growth because of the enhanced application of thermochromic materials in the end-use industries of packaging, printing, coatings, etc.

Fact.MR projects the thermochromic materials market to exhibit growth at 10.2% CAGR between 2022 and 2032 as compared to the CAGR of 8.5% that was recorded from 2017 to 2021.

Thermochromic materials market forecast by Fact.MR

This graphic portrays market share analysis of type, end use, and region in a nutshell. Under the type segment, irreversible thermochromic materials dominated the market by holding a 52.9% share in 2021.

Why is Consumption of Thermochromic Materials Rising Rapidly?

“Thermochromic Materials Quickly Replacing Thermo-sensors & Thermometers”

Thermochromic coatings are replacing thermos-sensors and thermometers in several industries. Thermo-sensors and thermometers are getting replaced to map temperature in an environment where it is impossible to insert electrical wiring.

In defense and aerospace industries, these coatings are used to map the temperature gradient of an operating engine, fueling thermochromic materials market growth by 1.2X over the assessment period.

Other fields call for the use of thermochromic materials to act without electricity, for the storage of sensitive materials for industrial maintenance. Also, they are used for entertainment applications; for instance, erasable ink, which changes color and becomes transparent. It is used to decorate the hair and nails, and also fun objects such as mugs, coffee cups, etc.

“Packaging & Textile Sectors Account for High Thermochromic Material Demand”

The use of thermochromic materials is anticipated to rise with enhanced application in the packaging and textile sectors. They are being used to simplify the detection of instances of security breaches in the labeling and packaging of goods.

There is rising evolution of chemical heating apparatus coatings, such as heat exchangers with thermochromic material-based paints. This is done to indicate the temperature of chemical reactions and stored chemical goods.

What’s Hampering Thermochromic Materials Market Growth?

“High Price of Thermochromic Material Coupled with Certain Disadvantageous Properties”

Thermochromic materials have the disadvantage of being highly-priced and having low color density. Other major pitfalls often witnessed are sensitivity to ultraviolet, limited thermal resistance, low coloring power, toxicity of certain elements components, and loss of properties during the formulation or industrial process.

These are the main factors that will hamper thermochromic materials market demand by 0.5X during the forecast years of 2022-2032.

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Region-wise Insights

Which Regional Thermochromic Materials Market Accounts for Highest Demand?

“Global Thermochromic Materials Market Led by North America & Europe”

The North America thermochromic materials market accounts for the largest market share of 26.7%. The North American market is projected to witness a 9.6% CAGR during the forecast years.

The Europe thermochromic materials market holds a 24.4% market share and is projected to register a 11% CAGR, which is higher than any other region during the assessment period.

Market growth in these regions is attributed to factors such as demand for thermochromic materials from multiple end-use industries such as printing and coatings, packaging, etc., which are growing rapidly and contributing to high demand growth of thermochromic materials.

What is the Market Scenario for Thermochromic Materials in Asia Pacific?

“Rising Infrastructural Activities & Surging Demand for Packaged Products Driving Regional Market Expansion”

The Asia Pacific thermochromic materials market, comprising the East Asia and South Asia & Oceania thermochromic materials market, together holds 37% of the overall market share.

The East Asia thermochromic materials market and South Asia & Oceania market are expected to expand at 9.9% and 10.5% CAGRs, respectively, during the study period of 2022-2032.

The rise in infrastructural activities and escalating demand for packaged products, especially pharma blister packaging, are anticipated to propel the consumption of thermochromic materials in these regions over the coming years.

Category-wise Insights

Which Thermochromic Material Type Will Bring in Higher Revenue Growth?

“Irreversible Thermochromic Materials Witnessing High Demand Growth”

The thermochromic materials market under type is segmented into irreversible thermochromic materials and reversible thermochromic materials. Irreversible thermochromic materials hold a high market share of 52.9%.

However, both segments are projected to register high demand growth at 10.5% and 9.9% CAGRs, respectively, during the forecast years. Owing to irreversible thermochromic materials being extensively used in textile, medical, packaging, security ink, and other coating applications as they change appearance when exposed to diverse temperatures and the color remains unchanged upon reaching the activation temperature, the segment is set to see high demand growth going forward. This segment is also witnessing an increase owing to the enhanced application of thermochromic materials in medical uses.

Where are Thermochromic Materials Most Used?

“High Irreversible Thermochromic Material Usage in Printing & Coating Applications”

Under end use, the thermochromic materials market is segmented into printing and coatings, packaging, medical, textiles, and other end uses.

Amongst them, printing and coatings dominate the market by holding a 31.3% market share, and the segment is projected to surge at 11.1% CAGR during the assessment period. This end use is a fast-growing industry for thermochromic materials because of the significant demand escalation in thermal paper for POS systems. Its usage is gaining momentum for interactive packaging, thereby encouraging consumers to use the product.

The next leading segments are packaging and medical, which hold 27.5% and 21.7% market share, respectively, and are predicted to register 11.1% and 9.6% CAGRs during the forecast period.

These segments are likely to witness tremendous growth opportunities owing to technological advancements and innovations in security and defense equipment such as helmets, aircraft, vehicles, body armors, etc.

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Competitive Landscape: Top Companies in Thermochromic Materials Market

Manufacturers of thermochromic materials are focusing on incorporating innovation and product modernization. They are also introducing reversible thermochromic materials, which are a combination of color developers, leuco dyes, and melt materials, and are microencapsulated by being blended.

Key market players are focusing on product development, such as using thermochromic materials in sports and cosmetics as a strategic approach to gain an edge over their competitors, and thereby widen their consumer base and enhance their revenues.

For instance :

  • OliKrom, in 2022, partnered with the GRTgaz Group to develop a coating, allowing operators to detect the beginning of corrosion on overhead pipes via changes in luminescence and color and is likely to launch new disruptive products in the luxury, cosmetics, and industrial sectors in 2022
  • LCR Hallcrest worked as a technology partner with PPG in 2019, aiding in the development of NHL hockey pucks. This color-changing thermochromic coating will change its color from purple to clear, allowing for the replacement of pucks.

Fact.MR has provided detailed information about the price points of key manufacturers in the thermochromic materials market positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Thermochromic Materials Industry Research by Category

  • Thermochromic Materials Market by Type :

    • Irreversible Thermochromic Materials
    • Reversible Thermochromic Materials
  • Thermochromic Materials Market by End Use :

    • Printing and Coatings
    • Packaging
    • Medical
    • Textiles
    • Other End Uses
  • Thermochromic Materials Market by Region :

    • North America Thermochromic Materials Market
    • Latin America Thermochromic Materials Market
    • Europe Thermochromic Materials Market
    • East Asia Thermochromic Materials Market
    • South Asia & Oceania Thermochromic Materials Market
    • MEA Thermochromic Materials Market

- FAQs -

The global thermochromic materials market is estimated to be worth US$ 1.73 billion in 2022, and climb to a market valuation of US$ 4.57 billion by the end of 2032.
Over the 2017-2021 historical period, global consumption of thermochromic materials increased at 8.5% CAGR.
Some of the prominent players operating in the thermochromic materials market are Matsui International Co. Ltd., LCR Hallcrest, Chromatic Technologies, and Smarol Industries Co. Ltd., Olikrom.
North America is the largest thermochromic materials market, accounting for 9.6% of the global market share in 2022.
Irreversible thermochromic materials hold a 52.9% share in the global sales of thermochromic materials.

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